Domestic and cross border payments are expected to become quick and convenient.

Coupa, a global leader in Business Spend Management, and Goldman Sachs Transaction Banking (TxB) have announced a collaboration to simplify payment processes between businesses and their global supply chains. The collaboration aims to offer customers fast integration, quick and convenient payments, and enhanced cross-border payments.

This will be achieved through API-led integration, real-time data exchange, streamlined processes, and SWIFT GPI tracking for end-to-end payments. The solution will enable customers to make payments, including domestic, cross-border, and foreign exchange payments to 124 currencies, across 167 countries.

Brinda Bhattacharjee, Head of Product, Transaction Banking at Goldman Sachs, said the collaboration aims to create added value for businesses worldwide seeking to modernize their payment processes by offering a user experience similar to that of consumers.

Meanwhile, Raja Hammoud, Executive Vice President of Products at Coupa, said payments for customers and suppliers worldwide would be centralized and streamlined through the collaboration, resulting in a transformation of the business payments landscape from being complicated and slow to being straightforward and speedy.

As a cloud-based Business Spend Management platform, Coupa integrates operations across supply chain, procurement, and finance functions, providing organizations worldwide with the capability to optimize value and put their business spend to practical use.

Established in 1869, Goldman Sachs (NYSE: GS) is a premier global financial institution that caters to a vast and varied clientele, consisting of corporations, financial institutions, governments, and individuals, providing them with a wide range of financial services.

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